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JRsMaMa
LIF Adult
Member since 11/07 2044 total posts
Name:
Jake's Mama
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Question about Christening gift from Godmother
Sorry to crash on your board but I need some suggestions...
I am to be the godmother of my niece in a few months and I don't know what to give as a gift. Normally I wouldn't have a problem and would prbably give a piece of jewelry and money or a savings bond. However this situation is a little different. My brother and sister in law are broke, beyond broke. Neither is working and they have absolutely no money. When my nephew was Baptised I was told by my mother in law that they used some if not all the money the baby was given as gifts for whatever they used it on I am not sure. I also wouldn't put it passed them to sell the babies jewelry. So I feel like anything I get my niece will either be used or sold and that's not what I want.
I was thinking of maybe starting a "college" fund which I can add to for holidays and milestones and then when she's 18 if she chooses to go to college she use it for that or I can set up a sort of trust for her. But I'd have to put the account in my name. That's the only way I can protect the money.
What do you think, what are your suggestions? Sorry this was so long!
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Posted 3/4/09 10:09 AM  |
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Long Island Weddings
Long Island's Largest Bridal Resource |
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Re: Question about Christening gift from Godmother
I think that is a great idea! I have accounts for our nephew,our niece and cousin's son (DH's godson). We add to it at holidays and birthdays and write in the card what we added. For my SIL, I have duplicate statements sent to her house so she can see the account. For our cousin, I don't send statements.
I think they'd appreciate you helping them out and when you turn it over to your Goddaughter, she'll really appreciate it!
Message edited 3/4/2009 10:19:00 AM.
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| Posted 3/4/09 10:18 AM |
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Bops
My 3 wishes
Member since 12/07 13625 total posts
Name:
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Re: Question about Christening gift from Godmother
I think that its a great idea.....You could also do a u-promise account and accumulate $ for it that way also over the years 
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| Posted 3/4/09 10:21 AM |
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mia818
LIF Adult
Member since 12/07 2197 total posts
Name:
Mia
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Re: Question about Christening gift from Godmother
I think that is an excellent idea and generous gift!
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| Posted 3/4/09 10:22 AM |
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Gatsbygirl
Please St. Therese....
Member since 10/07 8494 total posts
Name:
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Re: Question about Christening gift from Godmother
A savings bond might also be a good idea as they don't mature for a long time.
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| Posted 3/4/09 10:24 AM |
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JRsMaMa
LIF Adult
Member since 11/07 2044 total posts
Name:
Jake's Mama
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Re: Question about Christening gift from Godmother
Posted by Gatsbygirl
A savings bond might also be a good idea as they don't mature for a long time.
I was thinking that as well but you can still cash in a bond even if not for the full face value of it before it matures.
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| Posted 3/4/09 10:29 AM |
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curliegirl
He's here!!!!
Member since 3/06 10128 total posts
Name:
Gina
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Re: Question about Christening gift from Godmother
Traditionally the godmother buys the gown for the baptism....you could do that and start the 529 college plan......
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| Posted 3/4/09 10:33 AM |
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hunnybunnyxoxo
this is what it's all about
Member since 11/07 3321 total posts
Name:
Lisa
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Re: Question about Christening gift from Godmother
Posted by curliegirl
Traditionally the godmother buys the gown for the baptism....you could do that and start the 529 college plan......
i completely agree! i think its a great idea!!!!!!!
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| Posted 3/4/09 10:34 AM |
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JRsMaMa
LIF Adult
Member since 11/07 2044 total posts
Name:
Jake's Mama
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Re: Question about Christening gift from Godmother
Posted by curliegirl
Traditionally the godmother buys the gown for the baptism....you could do that and start the 529 college plan......
Thank you. I was planning on buying the gown and accesories as well. One question regarding the 529 plan. What if she doesn't go to college? What happens to the money?
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| Posted 3/4/09 10:35 AM |
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curliegirl
He's here!!!!
Member since 3/06 10128 total posts
Name:
Gina
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Re: Question about Christening gift from Godmother
Posted by 07bride
Posted by curliegirl
Traditionally the godmother buys the gown for the baptism....you could do that and start the 529 college plan......
Thank you. I was planning on buying the gown and accesories as well. One question regarding the 529 plan. What if she doesn't go to college? What happens to the money?
You can transfer it to another child or, for a penalty, I believe you can take it out.....dont quote me on that though!
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| Posted 3/4/09 10:36 AM |
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JRsMaMa
LIF Adult
Member since 11/07 2044 total posts
Name:
Jake's Mama
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Re: Question about Christening gift from Godmother
Posted by curliegirl
Posted by 07bride
Posted by curliegirl
Traditionally the godmother buys the gown for the baptism....you could do that and start the 529 college plan......
Thank you. I was planning on buying the gown and accesories as well. One question regarding the 529 plan. What if she doesn't go to college? What happens to the money?
You can transfer it to another child or, for a penalty, I believe you can take it out.....dont quote me on that though!
Thank you! This really helps. I am going to research it now.
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| Posted 3/4/09 10:36 AM |
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bitty21
LIF Zygote
Member since 7/07 20 total posts
Name:
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Re: Question about Christening gift from Godmother
You can buy US bonds, and only have them in your niece's name, so that only she can cash them (obviously when she's 18).
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| Posted 3/4/09 10:55 AM |
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Laura1976
Member since 5/05 5754 total posts
Name:
Laura
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Re: Question about Christening gift from Godmother
Posted by curliegirl
Traditionally the godmother buys the gown for the baptism....you could do that and start the 529 college plan......
perfect idea.
i'm personally not a fan of savings bonds, i think they are an outdated way of saving for a child. Personally, I don't like getting them and never give them.
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| Posted 3/4/09 11:29 AM |
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mommy0604
My Son is my world...
Member since 10/07 3270 total posts
Name:
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Re: Question about Christening gift from Godmother
Posted by curliegirl
Traditionally the godmother buys the gown for the baptism....you could do that and start the 529 college plan......
This is a very good idea...
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| Posted 3/4/09 11:55 AM |
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babyonthebrain
Brotherly Love!
Member since 1/08 6209 total posts
Name:
Rafaela
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Re: Question about Christening gift from Godmother
Sounds like you have the right idea! I say go for it!
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| Posted 3/4/09 12:10 PM |
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Re: Question about Christening gift from Godmother
The 529 plan can be transferred to another child within the family. If you withdraw the money, you will have to pay income taxes and a 10% penalty.
For my DD, we opened a 529 b/c she will go to college. However, for my niece and nephew we did not open a 529 - their parents didn't go to college so we don't want to make any assumptions on what they'll do.
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| Posted 3/4/09 12:49 PM |
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